Europe’s Economy: Growth Engines Stalled
Will Europe increase fiscal spending at the risk of undermining both the Stability and Growth Pact, as well as the EMU?
Research Publications Archive
How Will You Earn What You Spend?
This short paper reviews asset class valuations and offers summary asset allocation recommendations.
Asset Allocation in the Bear Market
This paper speculates that while some of the excess from the equity bubble years has been worked off, the secular bottom will probably not arrive until valuations improve and despair reaches levels proportional to the preceding bull market euphoria.
Economic Growth in Japan–the Moment Passes
Springtime in Japan brought welcome signs of economic recovery, but these moments proved to be as fleeting as the bloom of cherry blossoms.
Asset Allocation in a Bear Market
This paper speculates that while some of the excess from the equity bubble years has been worked off, the secular bottom will probably not arrive until valuations improve and despair reaches levels proportional to the preceding bull market euphoria.
U.K. Indexed-Linked Securities
While linkers may be inexpensive relative to nominal gilts, they are no bargain.
Benchmarking
This report suggests preconditions to the selection of appropriate benchmarks and the flaws inherent even in careful selection. Discrete sections for public market investments, marketable alternatives, private equity, and real estate are included.
Why We Consider Japanese Equities Overvalued
Although several valuation metrics suggest that Japanese equities are fairly valued we consider them overvalued because of the precipitous state of the economy.
Of Bubbles and Bears
If the unwinding of the recent bubble conforms to the typical pattern of past post-speculative periods, investors should be prepared for a long, hard slog.
The Euro Appreciates
The euro’s appreciation against the U.S. dollar holds symbolic importance for Europeans, but negative consequences for their economy. Until domestic demand in the region improves, the strengthening euro could undermine the Continent’s economic growth, corporate profits, and equity prices.